The Euro ticked higher in early Monday, supported by the latest polls that tip centrist candidate Macron as likely winner of the first round of French presidential election which are scheduled for the next Sunday, after holding within narrow range in Asia, capped by daily Tenkan-sen (1.0628).
Near-term studies improved on the latest rally which dented next pivot at 1.0647 (double- Fibonacci barrier – Fibo 61.8% of 1.0676/1.0601 and Fibo 23.6% of 1.0905/1.0568), firm break of which is needed to signal reversal and mark higher base at 1.0600 zone, for renewed attempt towards next triggers at 1.0676/1.0700.
However, daily studies remain weak and would keep the downside vulnerable if the price fails to clear 1.0647 pivot.
Tenkan-sen line now reverted to initial support at 1.0628, reinforced by daily cloud top at 1.0620 and session low at 1.0600, break of which would weaken near-term structure and risk test of key supports at 1.0583/68 (daily cloud base / 10 Apr low).
Res: 1.0650; 1.0676; 1.0700; 1.0736
Sup: 1.0628; 1.0620; 1.0601; 1.0583
